XML 42 R32.htm IDEA: XBRL DOCUMENT
v3.24.1

Parent Company Only Condensed Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Parent Company Only Condensed Financial Information | 22. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of LINKBANCORP follows:
Balance Sheets |
| December 31, |
| 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |
ASSETS |  |  |  |  |
Noninterest-bearing cash equivalents | $ | 12,547 |  |  | $ | 15,486 |
Securities available for sale, at fair value |  | — |  |  |  | — |
Investment in subsidiaries |  | 309,015 |  |  |  | 162,029 |
Other Assets |  | 7,075 |  |  |  | 1,712 |
TOTAL ASSETS | $ | 328,637 |  |  | $ | 179,227 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |
Subordinated debt | $ | 61,444 |  |  | $ | 40,484 |
Other liabilities |  | 1,397 |  |  |  | 190 |
Shareholders' equity |  | 265,796 |  |  |  | 138,553 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 328,637 |  |  | $ | 179,227 |
Condensed Statements of Operations and Comprehensive Income |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
(in thousands) |  |  |  |  |  |
Income: |  |  |  |  |  |
Interest income |  | $ | - |  |  | $ | 11 |
Dividend income from subsidiaries |  |  | — |  |  |  | — |
Expenses: |  |  |  |  |  |
Interest expense |  |  | 1,926 |  |  |  | 1,501 |
Other noninterest expenses |  |  | 5,135 |  |  |  | 564 |
Income before income tax |  |  | (7,061 | ) |  |  | (2,054 | )
Income tax benefit |  |  | (1,128 | ) |  |  | (407 | )
|  |  | (5,933 | ) |  |  | (1,647 | )
Equity in undistributed subsidiary (loss) income |  |  | (6,035 | ) |  |  | 7,245 |
Net (loss) income |  | $ | (11,968 | ) |  | $ | 5,598 |
Comprehensive Loss |  | $ | (8,772 | ) |  | $ | (2,585 | )
Condensed Statements of Cash Flows |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
(in thousands) |  |  |  |  |  |
OPERATING ACTIVITIES |  |  |  |  |  |
Net (loss) income |  | $ | (11,968 | ) |  | $ | 5,598 |
Adjustments: |  |  |  |  |  |
Undistributed earnings of subsidiaries |  |  | 6,035 |  |  |  | (7,245 | )
Amortization of premiums and discounts |  |  | (118 | ) |  |  | (212 | )
Other, net |  |  | (549 | ) |  |  | (1,171 | )
Net cash used in operating activities |  |  | (6,600 | ) |  |  | (3,030 | )
INVESTING ACTIVITIES |  |  |  |  |  |
Net cash acquired through merger and acquisition |  |  | 8,014 |  |  |  | — |
Investments in subsidiaries |  |  | (10,400 | ) |  |  | (35,000 | )
Cash dividends from subsidiaries |  |  | — |  |  |  | 1,300 |
Sale of securities |  |  |  |  |  | 504 |
Net cash from dissolution of subsidiary |  |  | 635 |  |  |  | — |
Net cash used in investing activities |  |  | (1,751 | ) |  |  | (33,196 | )
FINANCING ACTIVITIES |  |  |  |  |  |
Proceeds from issuance of common stock, net |  |  | 10,132 |  |  |  | 34,650 |
Proceeds from issuance of subordinated notes |  |  | — |  |  |  | 20,000 |
Issuance of shares from exercise of stock options |  |  | 150 |  |  |  | 120 |
Dividends paid |  |  | (4,870 | ) |  |  | (3,334 | )
Net cash provided by financing activities |  |  | 5,412 |  |  |  | 51,436 |
(Decrease) Increase in cash and cash equivalents |  |  | (2,939 | ) |  |  | 15,210 |
Cash and cash equivalents at the beginning of the period |  |  | 15,486 |  |  |  | 276 |
Cash and cash equivalents at the end of the period |  | $ | 12,547 |  |  | $ | 15,486 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration